Senate Bill S7518

2021-2022 Legislative Session

Permits deductions for commercial cannabis activity

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

2021-S7518 (ACTIVE) - Details

See Assembly Version of this Bill:
A8808
Current Committee:
Senate Rules
Law Section:
Tax Law
Laws Affected:
Add §493-a, Tax L

2021-S7518 (ACTIVE) - Summary

Permits deductions for commercial cannabis activity including the cultivation, possession, manufacture, distribution, processing, storing, laboratory testing, packaging, labeling, transportation, delivery, or sale of cannabis and cannabis products, or acting as the holder of an adult-use on-site consumption license.

2021-S7518 (ACTIVE) - Sponsor Memo

2021-S7518 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7518
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             November 12, 2021
                                ___________
 
 Introduced  by  Sen.  COONEY -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 AN ACT to amend the tax law, in relation to  permitting  deductions  for
   commercial  cannabis  activity;  and  providing for the repeal of such
   provisions upon expiration thereof

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The  tax  law is amended by adding a new section 493-a to
 read as follows:
   § 493-A. DEDUCTIONS. (A) FOR EACH TAXABLE YEAR BEGINNING ON  OR  AFTER
 JANUARY  FIRST,  TWO  THOUSAND TWENTY-TWO, AND BEFORE JANUARY FIRST, TWO
 THOUSAND TWENTY-FIVE, THE PROVISIONS OF SECTION  280E  OF  THE  INTERNAL
 REVENUE  CODE,  RELATING  TO EXPENDITURES IN CONNECTION WITH THE ILLEGAL
 SALE OF DRUGS, SHALL NOT APPLY FOR THE PURPOSES OF THIS CHAPTER  TO  THE
 CARRYING  ON OF ANY TRADE OR BUSINESS THAT IS COMMERCIAL CANNABIS ACTIV-
 ITY BY A LICENSEE.
   (B) FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING DEFINITIONS  SHALL
 APPLY:
   (1)"COMMERCIAL    CANNABIS   ACTIVITY"   INCLUDES   THE   CULTIVATION,
 POSSESSION, MANUFACTURE, DISTRIBUTION, PROCESSING,  STORING,  LABORATORY
 TESTING,  PACKAGING,  LABELING,  TRANSPORTATION,  DELIVERY,  OR  SALE OF
 CANNABIS AND CANNABIS PRODUCTS, OR ACTING AS THE HOLDER OF AN  ADULT-USE
 ON-SITE  CONSUMPTION  LICENSE  PURSUANT  TO ARTICLE FOUR OF THE CANNABIS
 LAW.
   (2) "LICENSEE" SHALL HAVE THE SAME MEANING AS DEFINED IN SECTION THREE
 OF THE CANNABIS LAW.
   § 2. This act shall take effect on the  same  date  and  in  the  same
 manner  as  section  39 of chapter 92 of the laws of 2021, takes effect,
 and shall expire January 1, 2025 when upon such date the  provisions  of
 this act shall be deemed repealed.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13586-01-1

              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.